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Vertu Motors PLC on Thursday predicted full-year profit in line with guidance for its current financial year. For the 12 months ending February 28, Vertu expects adjusted pretax profit to be in line with current market consensus. Company-compiled data forecasts adjusted pretax profit of £27.2 million, within a £26.5 million to £27.5 million range. Vertu also said that for the first half ended August 31, profits will be lower on an annual basis, ‘reflecting the relative strength of comparative profits in H1 last year compared to the year as a whole’. The Gateshead, England-based automotive retailer reported that for new retail car sales in the five months to July 31, like-for-like volumes rose 1.4%. Motability registrations were ‘significantly down’ with LFL volumes down 22%. Fleet car channel LFL volumes grew 14%, ‘slightly ahead of the market growth with sales, particularly of EV vehicles, remaining strong’. However, new Commercial vehicle sales saw a 9.0% decrease in registrations, which Vertu said likely reflects weakening business confidence. As for used vehicle sales, used car values showed ‘considerable stability’ in the UK market with gross profits rising on-year on an LFL basis. Aftersales gross profit in the core group increased, and Vertu said its vehicle repair and servicing operations delivered ‘significant’ LFL gross profit growth. ‘I am pleased with the group’s performance in the first half as we have navigated a subdued consumer backdrop and continued uncertainty in the new car market caused by the government’s Zero Emissions Vehicle mandate,’ commented Chief Executive Officer Robert Forrester. ‘The board expects results for the full year to be in line with expectations driven by a continued strong performance from our high-margin aftersales business, and greater affordability in the new electric vehicle market with more sub £20,000 new EVs available and a series of government grants to stimulate EV activity now in place. ‘Encouragingly, the September new retail order book is slightly ahead of last year and likely to benefit from the new grants regime.’ Vertu also said its £12.0 million share buyback programme continues, having repurchased 9.4 million shares for £6.4 million as of August 31. Shares in Vertu were 0.9% higher at 59.51 pence on Thursday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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